loretta mester, thanks very much becky and joe, back to you guys. >> such a great shot, steve.ig foot or something. seriously. can you imagine if you're there and all of a sudden if that -- i mean, we would finally have proof. we would finally have proof and i asked the director and i sent him a couple shots of big foot and we didn't have time to transpose it behind you. >> we have our cameras, joe, the cameras are trained on this area here looking just for that. >> if he's anywhere on that two shot -- i mean, couldn't you see him walk right by and just -- >> it's so perfect. >> just behind, right? >> i mean, i'm stalling because i really think -- no, probably not. it would be just too good if we saw him. thank you. oh, no, oh, wait a minute. wait a minute. that's the best we could do -- that's the best we could do on short notice >> steve, thank you andthank you to loretta mester, too. >> loretta mester, yeah. >> our guest host this morning is rick rieder, he is black rock's global cio of fixed income we say said at the top but one point how many trillions in terms of bonds th

loretta mester gave us her take on raising rates and her take on the yield curve.sing interest rates i think is compelling. we have an economy growing above , and, lower unemployment inflation basically at our goal of 2%. we have been trying to engineer, calibrate our policy path to the so this gradual increase in rates seems to be a very compelling case now, given that we are accommodative some. michael: do you think the market gets that and the chairman does not need to steer us? will be talking about some long run issues as well as short run issues, and i'm looking forward to his speech. you think in september you drop the accommodative sentence from your statement and forward guidance? that weinutes mention are thinking about how we want to change the statement. we look at the statement every time to make sure that we are being transparent about our views on policy and gives an indication on where policy is going. -- we are in a situation where we are data dependent and we want to be as transparent as we can of where we think policy is going, but we also want p

jackson hole, we have a full slate of interviews with fed officials including james bullard, loretta mesterlan, and raphael bostic. a whole slate you don't want to miss plus the pga tour commissioner joins us for an exclusive interview at 4:00 p.m.. ♪ francine: guilty as charged. lawyer admits to making payments as his former campaign manager is convicted. supporters the witchhunt continues. will mexico seek to deny the existence of the nafta handshake? the peso pairs its gains.

we have live interviews from jackson hole including cleveland fed president loretta mester, robert kaplane: i want to check in with nela richardson from edward jones who is still with us here. disordered react to what we heard from jason furman. it is so interesting the idea of credit, isn't it, for economic growth? but leaving that aside for a moment, as we have been discussing, there are clouds on the horizon nonetheless. of the concerns that jason highlighted, what is the biggest with right now? nela: the biggest risk, and this is always true when we reach this point of a cycle is that the fed will overshoot and raise interest rates faster than the economy can stand. and that will get this really weird mix of indicators where inflation, excuse me, interest rates are rising and growth is slowing. . we don't want to see that that is the biggest risk we see to the generally positive economic outlook. and then of course, tariffs. that is something that the market is responding to. we saw that $15 billion in goods of tariffs go into affect between china and the united states is weak, and we

steve liesman has been having conversations with regional fed presidents all morning here is loretta mester a risk to the forecast that's the way i view it at this point. we don't free judge things we come in looking at what the data is telling us and sort of calibrate our policy to it i don't think we can say now where interest rates will necessarily be a year from now i think we have to look at how the economy evolves. >> gets back to the question we saw 1% economic growth. things look pretty solid again durable goods today were over all strong gauge of business investment how will it affect the fed's policy when it comes to tightening interest rates? how long were the stimlative tax cuts and deregulation going to last big debate. >> anything we find out about the unwind of the balance sheet at all >> not much news there it's slow and steady as they go. the market is absorbing it pretty well. >> i find it ironic because coming into the year the fed is reducing the balance sheet treasury will issue whatever we're going to be swamped. >> no one is going to buy it. >> right and now people ar

james bullard, loretta mester and many more will come tomorrow >>> pasta lover, take your marks, including here. in just minutes from now, olive garden is about to put on sale its never-ending pasta passes. a new feature this year. we'll explain. the most unusual dangerous job we ever had on "power lunch," a snake milker, but not getting milk, he's extracting venom. we'll tell you how much he gets paid i can already tell you it's not enough we'll be right back. today, there are more sensors on our planet than people. we're putting ai into everything, and everything into the cloud. it's all so... smart. but how do you work with it? ask this farmer. he's using satellite data to help increase crop yields. that's smart for the food we eat. at this port, supply chains are becoming more transparent with blockchain. that's smart for millions of shipments. in this lab, researchers are working with watson to help them find new treatments. that's smart for medicine. at this bank, the world's most encrypted mainframe is helping prevent cybercrime. that's smart for everyone. and in africa, iot sensors

then tomorrow on "squawk box," we'll hear from james bullard, loretta mester, stay tuned you're watching. >>> time for the executive edge. we'll start with bitcoin news. the u.s. securities and exchange commission rejected applications for nine bitcoin-based etfs. the proposed funds were filed by pro shares, direct shares. the s.e.c. expressed concern about fraud and manipulation of the bitcoin markets. bitcoin is in the mid 6,000. 6,417 today. up a little. >>> also keep an eye on the australian dollar. it's been under pressure as additional pressure mounts on the australian prime minister to step down. this comes after three of malcolm turnbull's top cabinet members resigned and threw their support behind his main rival. we'll keep an eye on this developing story and bring you more as we get it. >>> when we return, summer vacation season is drawing to a close. if you are looking for trip ideas for labor day we have you covered. >>> right now as we head to break, a quick check of what's happening in the european markets. dax weaker both the cac and the ftse up a bit. at&t provides edge-t